PUT PROVISIONS
A put provision allows the bondholder to redeem a bond at its face value before it matures.
Investors may do this when interest rates are rising and they can take advantage of higher rates elsewhere. They may not "put" their bonds whenever they choose, however. The issuer assigns dates for this provision, after which the bondholders can redeem the bonds.
Compared to callable bonds, "put bonds" are quite rare.
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